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Economic Growth across Space and Time: subprovincial Evidence from Mainland China

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  • Declan Curran

    ()

  • Michael Funke

    ()

  • Jue Wang

    ()

Abstract

We present a new composite leading indicator of economic activity in mainland China, estimated using a dynamic factor model. Our leading indicator is constructed from three series: exports, a real estate climate index, and the Shanghai Stock Exchange index. These series are found to share a common, unobservable element from which our indicator can be identified. This indicator is then incorporated into out-of-sample one-step-ahead forecasts of Chinese GDP growth. Recursive out-of-sample accuracy tests indicate that the small scale factor model approach leads to successful representation of the sample data and provides an appropriate tool for forecasting Chinese business conditions.

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Bibliographic Info

Paper provided by Hamburg University, Department of Economics in its series Quantitative Macroeconomics Working Papers with number 20710.

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Date of creation: Oct 2007
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Handle: RePEc:ham:qmwops:20710

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Keywords: Regional Economic Growth; China;

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References

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Cited by:
  1. Funke, Michael & Yu, Hao, 2009. "Economic growth across Chinese provinces: in search of innovation-driven gains," BOFIT Discussion Papers 10/2009, Bank of Finland, Institute for Economies in Transition.

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